Correct $10,000 is not my basis, basis is at about half of the account.
So I need to file a separate return for son, and still claim him as dependent on my return?
I guess I should also try entering the income with me as recipient and compare to him as recipient and see which way pays more tax. I have not done the withdrawal yet. Annoying that this is ordinary income, the money has been in the account 10 years.
How does the penalty work? Is it 10% of the gain on the non-qualified withdraw, or is it 10% of the tax owed?
